(1) The commission has the following powers and duties:
To adopt an annual budget;
To develop operating guidelines relating to the manner and forms of financial assistance such as loans, grants, and local match requirements to be provided for various types of projects;
To review the economic needs of the various geographical regions of Colorado;
To identify the types of businesses which need the most support in terms of economic development;
and (f) (Deleted by amendment, L. 91, p. 823, § 1, effective March 29, 1991.)
To make information and assistance available for businesses interested in relocatingor expanding their operations in the state of Colorado;
To receive and expend donations or grants from the private sector;
To contract for those services, including personnel services, and materials required bythe activities of the commission;
To review and recommend to the governor expenditures of moneys of the fund foreconomic incentives and marketing, as provided in section 24-46-105, for reimbursement for actual and necessary expenses of the commission, as authorized in section 24-46-103 (2), and for operational expenses of the commission;
To exercise any other powers or perform any other duties which are consistent withthe purposes for which the commission was created and which are reasonably necessary for the fulfillment of the commission's assigned responsibilities; (l) and (m) Repealed.
(n) To contract with the Colorado housing and finance authority, created in part 7 of article 4 of title 29, for the operation of:
A Colorado credit reserve program for the purpose of increasing the availability ofcredit to small businesses in Colorado; and
(A) A small business COVID-19 grant program established in section 24-48.5-126
(3).
(B) This subsection (1)(n)(II) is repealed, effective September 1, 2022.
To oversee the Colorado office of film, television, and media loan guarantee programpursuant to section 24-48.5-115 and the performance-based incentive for film production in Colorado pursuant to section 24-48.5-116; and
To consult with the Colorado office of economic development pursuant to section24-48.5-117.
(2) The commission shall report to the general assembly no later than November 1 of each year regarding the work of the commission. The report shall include the information required to be collected by the commission pursuant to section 24-46-105.1.
Source: L. 87: Entire article added, p. 1026, § 1, effective July 8. L. 88: (2) amended, p. 1431, § 13, effective June 11. L. 89: (2) amended, p. 339, § 3, effective June 7. L. 91: Entire section amended, p. 823, § 1, effective March 29. L. 97: (1)(l) added, p. 588, § 20, effective April 30. L. 2002: (1)(m) added, p. 1120, § 2, effective June 3. L. 2003: (1)(m) repealed, p. 2139, § 41, effective May 22. L. 2007: (2) amended, p. 509, § 1, effective August 3. L. 2009: (1)(n) added, (SB 09-067), ch. 237, p. 1080, § 1, effective May 7. L. 2012: (1)(o) added, (HB 12-1286), ch. 186, p. 710, § 4, effective July 1; (2) amended, (SB 12-166), ch. 243, p. 1149, § 2, effective August 8. L. 2013: (1)(o) amended and (1)(p) added, (HB 13-1001), ch. 227, p. 1077, § 4, effective August 7. L. 2020: (1)(n) amended, (SB 20-222), ch. 120, p. 497, § 2, effective June 23.
Editor's note: Subsection (1)(l) provided for the repeal of subsection (1)(l), effective January 1, 1998. (See L. 97, p. 588.)
Cross references: (1) For the legislative declaration in the 2012 act adding subsection (1)(o), see section 1 of chapter 186, Session Laws of Colorado 2012.
(2) In 2013, subsection (1)(o) was amended and subsection (1)(p) was added by the "Colorado Advanced Industries Acceleration Act". For the short title, see section 1 of chapter 227, Session Laws of Colorado 2013.